Fastest Growing Industries by Imports in Canada in 2025

1. Truck & Bus Manufacturing in Canada

Growth in Imports for 2025: 154.0%

Truck and bus manufacturers were severely affected by the COVID-19 pandemic. In 2018 and 2019, exports trended higher, as downstream freight operators increased their vehicle fleets, lifting demand at the manufacturing level. Plus, the depreciation of the Canadian dollar relative to other currencies has also catalyzed industry export activity, further supporting industry expansion. As exports account for a significant portion of industry revenue, the industry has benefited. However, as a result of the adverse effects from the pandemic, industry revenue fell at a CAGR of 10.9% over the past five years and is expected to total $2.8 billion in 2023,... Learn More

2. Battery Manufacturing in Canada

Growth in Imports for 2025: 35.3%

The Battery Manufacturing industry in Canada has experienced strong growth in recent years; there is growing demand for batteries in various applications, including portable electronics, electric vehicles, and renewable energy storage. This has created opportunities for Canadian battery manufacturers to expand their operations and increase production. The Canadian government has made significant investments in the development and commercialization of battery technology, including funding research and development programs, providing tax incentives and supporting the growth of the electric vehicle industry. This support has helped to attract investment and create opportunities for Canadian battery manufacturers. Consequently, industry revenue is anticipated to grow... Learn More

3. Computer Peripheral Manufacturing in Canada

Growth in Imports for 2025: 24.4%

Canadian computer peripheral manufacturers have struggled over the past decade, as strong import competition has brought low-cost goods into the domestic market. Peripheral products are still desirable in the corporate space, although individual consumers increasingly purchase mobile and cloud-based devices. These products rarely require peripheral add-ons. Revenue has expanded at an expected CAGR of 7.4% to $670.4 million through 2023, despite a 0.3% drop in 2023. Manufacturers peaked during the pandemic, particularly as consumers spent more time at home and on computers; however, massive declines bracket this pandemic-era growth.

Several major manufacturers have departed from the domestic industry because of... Learn More

4. Aluminum Manufacturing in Canada

Growth in Imports for 2025: 22.2%

Canadian aluminum manufacturers produce various aluminum products, ranging from alumina to finished aluminum sheets and foil. Aluminum is lightweight, ductile, corrosion-resistant, highly conductive and recyclable, making it useful in various applications. For instance, aluminum sheet is a major input into automobiles and airplanes, while aluminum foil and rolled sheet are commonly used in containers and packaging material. The United States accounts for nearly all exports, making domestic manufacturers highly dependent on international trade. IBISWorld projects industry revenue to increase at a CAGR of 7.8% to $24.8 billion through the end of 2023, declining 3.3% in 2023 alone. This growth can... Learn More

5. Men's & Boys' Apparel Manufacturing in Canada

Growth in Imports for 2025: 18.3%

The Men's and Boys' Apparel Manufacturing industry in Canada has been characterized by offshoring, import competition and a significant shift toward producing high-end products over the past five years. The industry, which manufactures men's and boys' apparel from purchased fabrics, has been challenged by high import penetration. However, manufacturers shifting toward producing high-end, value-added designer and handcrafted fashion have helped industry revenue from falling at a much sharper rate. Consequently, industry revenue is expected to fall an annualized 6.5% to $1.0 billion over the five years to 2023, including a decrease of 3.6% in 2023 alone as consumer confidence levels... Learn More

6. Electrical Equipment Manufacturing in Canada

Growth in Imports for 2025: 18.1%

Revenue for the Electrical Equipment Manufacturing industry in Canada is expected to fluctuate, falling at an estimated CAGR of 2.2% to $5.5 billion over the five years to 2023, including a 2.5% dip in 2023 alone. The current period has demonstrated moderate revenue volatility, including revenue falling an estimated 7.8% in 2020 as a result of the economic dislocation caused by COVID-19; however, the industry rebounded, with revenue increasing an estimated 1.4% in 2022 alone as the pandemic began to recede. Electric equipment manufacturers in Canada rely on demand from downstream industries in the construction and manufacturing sectors. However, domestic... Learn More

7. Forklift & Conveyor Manufacturing in Canada

Growth in Imports for 2025: 14.4%

Canadian forklift and conveyor manufacturers largely rely on foreign demand, particularly from the United States. Exports account for more than 75.0% of revenue, with the United States making up more than 85.0% of those exports. Many trends in Canadian and American manufacturing, construction, transportation and warehousing sectors drive growth. The Canadian effective exchange rate (CEER) index also significantly impacts operations. The CEER index appreciated, rendering Canadian-made products less affordable overseas. Supply chain shocks also hampered trade markets, leading to plummeting revenue. Revenue will contract at an expected CAGR of 0.8% to $5.2 billion through the current period, including a 3.7%... Learn More

8. Semiconductor Machinery Manufacturing in Canada

Growth in Imports for 2025: 14.1%

Semiconductor machinery manufacturers supply capital equipment for various processes in semiconductor manufacturing. While semiconductors have become the foundation of nearly every technology today, years of outsourcing semiconductor manufacturing put Canada in a weak position globally. Rising import penetration has been specifically challenging to the domestic industry. East Asian countries dominate semiconductor production, where enormous scale, massive R&D investment and lower-cost labour make it near impossible for domestic manufacturers to compete.But, an explosion in semiconductor demand during the COVID-19 pandemic led to supply shocks, boosting machinery purchases from domestic and foreign manufacturers expanding production volume. High interest rates and concerns about... Learn More

9. Glasses & Contact Lens Manufacturing in Canada

Growth in Imports for 2025: 13.6%

The Glasses and Contact Lens Manufacturing industry in Canada produces eyeglass lenses, frames, and protective eyewear. Several of the industry's product segments are essential to the visually impaired, somewhat insulating the industry from economic downturns. While rising per capita disposable income has enabled consumers to increase expenditure on glasses and contacts, competitively priced imports satisfy a significant portion of consumer demand for industry products. Although COVID-19 hindered the overall economy, IBISWorld projects revenue to continue expanding as industry products are considered an essential health expenditure for many consumers. As a result, IBISWorld projects industry revenue will increase at an annualized... Learn More

10. Car & Automobile Manufacturing in Canada

Growth in Imports for 2025: 13.5%

The Car and Automobile Manufacturing industry in Canada has shrunk as many automakers have moved operations abroad. Dissuaded by high labour costs in Canada, many automakers have shifted investments toward Mexico and the United States. As a result, output has fallen from Canada's biggest car producers while remaining operations have increasingly focused on vehicle production that falls outside of the industry such as sport utility vehicles (SUVs). Exports have likewise decreased due to lower production capacity and temporary plant closures following the global semiconductor chip shortage. As a result, industry revenue is expected to fall at a CAGR 15.6% to... Learn More